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CLS is developing a standardized, automated payment netting service - CLSNet - for FX trades that are settling outside the CLS settlement service.
The global FX market is limited by the lack of a standardized payment netting process for trades not settled within CLS. In many cases, institutions are forced to intervene manually to complete the process. This leads to inconsistent and bespoke approaches to netting throughout the market, resulting in higher costs and increased intra-day liquidity demands.
CLS’s netting capabilities are an integral component of the settlement service its members and third-party clients benefit from every day. This existing capability, combined with the company’s position as a trusted post-trade partner, means CLS is ideally placed to deliver a service that will standardize and expand bilateral payment netting capabilities for the entire FX market.
Participants will be able to submit FX instructions for spot, tom/next day, forwards, non-deliverable forwards (NDFs), swaps and same-day trades for more than 140 currencies*. They will be able submit FX instructions through traditional SWIFT channels or distributed ledger technology (DLT).
It is open to buy-side and sell-side institutions across the FX market, including banks, broker dealers, hedge funds and corporations.
To find out more download the product brief or contact us to discuss your needs.
* Coverage will include all currencies associated with jurisdictions not on an official black/grey or sanctions list that would prevent CLS from conducting business with that jurisdiction.
The launch of the service is subject to any necessary approvals.